Churned: TD Aeroplan Visa

Happy Canada Day to all my thousands (ok dozens…maybe?) of Canuk followers!

So I did my first official credit card (cc) churn recently. I should note that the churn is not complete because I haven’t canceled the card yet, but I intend to do so in the upcoming months. Not sure what churning is? Google it out. In brief churning (does everyone else picture a pilgrim in the late 1800’s leaning over a barrel with the big stirring stick when they hear this phrase? Good.) is signing up for credit cards, just to get the sign up bonus, often points rewards, then cancelling the card after the bonus is awarded. Some people have multiple cards on the go at once, this is for professionals only, so stay away!

While is isn’t really the first time I’ve signed up for a card for a bonus, I am planning on signing up for another shortly, so I guess I’m still not a true churner. Why go through all this bother you ask? Well that depends on your definition of bother I guess. For me, in this instance, it took a 15 minute process to sign up on line for the credit card, and then maybe 3 minutes calling to activate the card, which includes declining the INSANE insurance the rep is forced to peddle (post to come). And then use the card to hit the spending requirement for the bonus, in this case it was $1,000 in 3 months. Really? Is that all? As much as I like to NOT spend money, this was a joke, $1,000 in 3 months is covered by our groceries only. …..and that was it. Aside from calling to cancel the card, maybe another 5 minute call. So what we got? about 15 mins of time for the application, a few phone calls, and then just using the card when I get my groceries? FOR A FREE FLIGHT ANYWHERE IN CONTINENTAL US AND CANADA? F**K YES PLEASE! Of course I’m aware that I need to pay the dreaded taxes and fees, which I’m sure will still be a few hundred bucks. But so far, that is a pretty good return for way less than an hour of work. I should also note, this is especially a good deal for anyone like me who isn’t really near a large air hub, so airline tickets are usually extra pricey.

At any given time, there usually offers to be had for signing up for a new cc. You will sadly note that the offers in Canada are no where near as good as in The States, there is seems cc companies are throwing thousands of dollars for new customers . Still worth your time though here in Canada, right now with a quick scan I see American Express offering 25K Aeroplan points for a new sign up, with a measly $500 spend in 3 months. By the way, 25K Aeroplan miles are enough to fly anywhere continental US or Canada, same offer I got from TD. This free flight offer is definitely on my radar (flight..radar….get it? Work with me people!).

I should mention, in order to qualify for all these fancy new cards, you need good credit. How do you get good credit? By following my blog! Haha I kid I kid. Pay your bills on time, don’t rack up debt, and you WILL qualify for most of these offers. Credit isn’t something I’ve spoken much about, but I assure you, there are many other great PF blogs around, maybe check out my blog roll up there on the right, that do discuss credit, and I’ll likely touch on it more in the future.